Anti-cuts protests erupt on streets of Athens and Madrid

[No Elephants]

Anti-cuts protests erupt on streets of Athens and Madrid
By Renee Maltezou and Julien Toyer

ATHENS/MADRID | Wed Sep 26, 2012 12:14pm EDT

(Reuters) - Demonstrators clashed with police on the streets of Athens and Madrid on Wednesday in an upsurge of popular anger at new austerity measures being imposed on two of the euro zone's most vulnerable economies.

In some of the most violent confrontations, Greek police fired tear gas at hooded rioters hurling petrol bombs as thousands joined the country's biggest protest in more than a year.

The unrest erupted after nearly 70,000 people marched to the Greek parliament chanting "EU, IMF Out!" on the day of a general strike against further cuts demanded by foreign lenders.

"We can't take it anymore - we are bleeding. We can't raise our children like this," said Dina Kokou, a 54-year-old teacher and mother of four who lives on 1,000 euros ($1,250) a month.

In Madrid, Prime Minister Mariano Rajoy faced violence on the streets of the capital and growing talk of secession in Catalonia as he moves cautiously closer to asking Europe for a bailout, aware that such an action has cost other European leaders their jobs.

In public, Rajoy has been resisting calls to move quickly to request assistance, but behind the scenes he is putting together the pieces to meet the stringent conditions that will accompany rescue funds.

Rajoy presents a tough 2013 budget on Thursday, aiming to send a message that Spain is doing its deficit-cutting homework despite a recession and 25 percent unemployment.

Spain appears on course to miss its public deficit target of 6.3 percent of gross domestic product this year, and the central bank said the economy continued to contract sharply in the third quarter.

Rajoy is facing intense pressure from euro zone policymakers to take tougher measures, particularly on freezing pensions.

On Friday, Moody's will publish its latest review of Spain's credit rating, possibly downgrading the country's debt to junk status.On the same day, an independent audit of Spain's banks will reveal how much money Madrid will need from a 100 billion euro ($130 billion) aid package that Europe has already approved for the banks.

<snip>

He also said he had not made his mind up on whether to allow pensions to rise in step with inflation, which could cost the government an extra 6 billion euros this year.



<snip>


Ships stayed in port, museums and monuments were shut and air traffic controllers walked off the job. Trains and flights were suspended, public offices and shops were shut, and hospitals provided a reduced service.

Union anger is directed at spending cuts worth nearly 12 billion euros ($16 billion) over the next two years that Greece has promised the European Union and International Monetary Fund in an effort to secure its next tranche of aid.

The bulk of those cuts is expected to come from cutting wages, pensions and welfare benefits, heaping a new wave of misery on Greeks who say repeated rounds of austerity have pushed them to the brink and failed to transform the country for the better.

"My husband has lost his job, we just can't make ends meet," said Dimitra Kontouli, 49, a local government employee whose salary has been cut to 1,100 euros a month from 1,600 euros.

<snip> (Writing by Giles Elgood, editing by Peter Millership)

more at http://www.reuters.com/article/2012/09/26/us-eurozone-protests-idUSBRE88P18A20120926



The U.S. version of a general strike: "Thank you, sirs. May we have another?"


Sequester coming soon to a nation near you!

Too much turmoil in the Middle East against the U.S. to consider defense cuts, though?

[Enthusiast]

1. All these nations are victims of world wide bank fraud.

So the people must suffer for their crimes.

[No Elephants]

2. Two terms that have been used way too much in recent years:

"surge" and "bailout"

Wish I had never heard either one.

[Enthusiast]

3. Ain't that the truth!............nt